While the Swiss has rebounded from the early October lows, fundamental headline flow remains in the bear camp. We continue to suggest traders sell rallies in the Swiss, especially in the wake of slack GermanIndustry news and the inability to halt the pattern of lower highs on the charts. Down trend channel resistance anda place to implement fresh sales of the December Swiss is seen at 1.0440.
Technical Outlook: A bullish signal was given with an upside crossover of the daily stochastics. Dailystochastics are showing positive momentum from oversold levels, which should reinforce a move higher if nearterm resistance is taken out. The market’s close below the 9-day moving average is an indication the short-termtrend remains negative. With the close over the 1st swing resistance number, the market is in a moderatelypositive position. The near-term upside objective is at 105.42. The next area of resistance is around 105.03 and105.42, while 1st support hits today at 103.81 and below there at 102.97.